Self-managed investment trust Caledonia Investments reported an uptick in net asset value for the quarter ended 31 December.
NAV rose 2.8% to £1.60bn, while the NAV per share total return was 3.3%, bringing the year-to-date NAV to -0.6%. The company pointed out that unquoted investments are revalued in March and September.

As a result, the NAV at 31 December 2015 did not include any valuation adjustments to unquoted investments in the past three months. Investments in the period totalled £185.6m, including £92.3m for 98.9% of Gala Bingo and a further £11.6m for US-listed helicopter operator Bristow Group.

Realisations during the period came to £131.1m, including £34.1m for Caledonia's holding in UK property company Quintain Estates, on its acquisition by a US private equity fund, further distributions of £23.1m from the Capital Today China fund on continuing sales of part of its holding in JD.com, and proceeds from the sale of its holding in the Ocean Dial Gateway to India fund.



Majestic Wine reported a big jump in sales for the Christmas trading period as it benefited from the acquisition of Naked Wines.

In a trading update for 27 October to 4 January, the wine specialist said sales grew 42.6% compared to the same period last year, boosted by the Naked Wines purchase in April.

Like-for-like sales at Majestic Retail were up 7.3% in the period versus a 1.7% drop last year, supported by the previously-indicated strategic investments to reinvigorate sales growth with a new and simplified pricing policy and improved customer experience in store and on-line.

Majestic added that as expected, these investments resulted in higher costs and a slightly lower percentage gross margin during the period.

Chief executive Rowan Gormley said: "This is an encouraging result. Majestic Commercial and Naked Wines continued to grow strongly, and I am particularly heartened to see the Majestic Retail business grow as the impact of our better pricing, better service and better looking stores starts to take effect.

"However there is still much to do. We are only three months into our three year plan and although this performance is pleasing it is too early to call it a trend."

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